Gold analysis update on 1H timeframe -17.1.21
Updated
Hello Trader,
This post is an update on my previous analysis.
Last week, gold has been in a bearish trend and dropped from 1931 till 1828. The momentum on the downside remains strong as has broken below the support of 1837.
Therefore our next week strategy on Gold need to remain bearish.
I have marked 2 possible ways on how the price is likely to act for next week and coloured coded the selling point under each approach.
If any reason that gold break above 1857 and remain above this area, then I would not recommend placing any short position on this pair.
If you enjoy this free analysis, please drop me a like and leave a comment. This will support me in generating more
quality content.
Good luck and happy trading!
This post is an update on my previous analysis.
Last week, gold has been in a bearish trend and dropped from 1931 till 1828. The momentum on the downside remains strong as has broken below the support of 1837.
Therefore our next week strategy on Gold need to remain bearish.
I have marked 2 possible ways on how the price is likely to act for next week and coloured coded the selling point under each approach.
If any reason that gold break above 1857 and remain above this area, then I would not recommend placing any short position on this pair.
If you enjoy this free analysis, please drop me a like and leave a comment. This will support me in generating more
quality content.
Good luck and happy trading!
Trade closed: target reached
target reached, the next step is to closely monitor if the price will break above the resistance zone at 1857, we may witness a shift of market momentum from bearish to bullish in 1H timeframe
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